U.S. investment adviser gets prison for insider trading on Pfizer-King deal

A Long Island, New York, investment adviser was sentenced to six months in prison on Monday after he pleaded guilty to insider trading in connection with Pfizer Inc’s <PFE.N> $3.6 billion acquisition of King Pharmaceuticals Inc.

Tibor Klein, 44, was sentenced by U.S. District Judge Joan Azrack in the federal court in Brooklyn, New York, according to federal prosecutors. He had pleaded guilty to one count of conspiracy to commit securities fraud last July.

“While Mr. Klein’s conduct was indeed serious, in light of a number of related factors, we are disappointed by the sentence of incarceration,” his lawyer Christopher Bruno said in an email.

Klein, the founder of Valley Stream-based Klein Financial Services, was also sentenced to six months of house arrest and 250 hours of community service, and ordered to forfeit $37,225 and pay a $20,000 fine, according to prosecutors.

The government said Klein was tipped about New York-based Pfizer’s Oct. 2010 takeover of King by Robert Schulman, then a partner at the Hunton & Williams law firm in Washington, D.C., who had represented King in patent litigation since 2009.

Source: YahooFinance

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